Man has always strived to build things better, faster, and stronger. We’re constantly trying to build the world’s fastest roller coaster or the world’s smallest camera, and we have another to add to the list: the world’s tallest building. Until now, the world’s tallest building award went to Burj Khalifa in Dubai at over 2,716 feet. However, Saudi Prince Alwaleed bin Talal recently announced plans to build a new tower that will be at least 3,280 feet high.

The Kingdom Tower, as it will be named, is more than double the height of the tallest building in the U.S., the Willis Tower (previously named the Sears Tower) that stands 1,451-feet high in Chicago. The Kingdom Tower will be built in north Jeddah, which is just off of the Red Sea. The area is both a major urban center and a historic entrance to Mecca.

Trumping the 160-storied Burj Khalifa does not come cheap. The project will cost around $1.2 billion. However, that’s only a fraction of the cost of what Saudi Arabia has planned for the area surrounding the tower. A $20 billion waterfront development will also be built. Saudi Arabia’s economy is mostly concentrated in crude oil, and the Kingdom Tower Waterfront District aims to help expand the economy. It will include a shopping mall, outdoor spaces, and residential and commercial buildings.

Our favorite part: there will be a 98-foot sky terrace at the 157th floor that will be available for the penthouse tenants. This is apparently the highest terrace in the world, and probably an awesome place to go after work and watch the sun set.

A building that tall needs a lot of consideration so the firm is using new developments in skyscraper technology. Designing super tall buildings is still very new in the science of structural engineering and architecture. The tower has a sleek aerodynamic shape that uses tapered wings to help counteract structural loading resulting from the high forces of the desert winds.